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YUM! Brands Inc. (NYSE:YUM)

This company has been moved to the archive! The financial data has not been updated since October 11, 2016.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

YUM! Brands Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

Microsoft Excel
Sep 3, 2016 Jun 11, 2016 Mar 19, 2016 Dec 26, 2015 Sep 5, 2015 Jun 13, 2015 Mar 21, 2015 Dec 27, 2014 Sep 6, 2014 Jun 14, 2014 Mar 22, 2014 Dec 28, 2013 Sep 7, 2013 Jun 15, 2013 Mar 23, 2013 Dec 29, 2012 Sep 8, 2012 Jun 16, 2012 Mar 24, 2012 Dec 31, 2011 Sep 3, 2011 Jun 11, 2011 Mar 19, 2011
Accounts payable and other current liabilities 19.73 24.63 25.00 24.58 21.80 22.68 21.55 23.63 19.30 20.84 20.96 22.19 19.99 19.84 20.86 21.58 20.37 19.29 18.75 21.21 20.48 18.13 16.57
Income taxes payable 0.55 1.49 1.82 0.95 1.84 1.88 1.58 0.92 2.14 2.16 1.80 1.94 1.71 1.16 0.92 1.08 1.09 1.34 1.94 1.61 1.44 1.00 1.25
Short-term borrowings 0.46 0.48 28.23 11.43 6.81 6.85 3.20 3.20 0.78 0.79 0.80 0.82 0.17 0.78 0.23 0.11 0.20 3.44 3.41 3.62 3.36 0.23 7.95
Advertising cooperative liabilities 1.30 1.25 1.48 1.28 1.35 1.01 1.24 1.14 0.80 0.65 1.13 1.10 0.92 0.92 1.34 1.51 1.26 1.13 1.49 1.29 1.24 1.49 1.39
Current liabilities 22.04% 27.85% 56.54% 38.24% 31.81% 32.42% 27.57% 28.89% 23.01% 24.44% 24.70% 26.05% 22.78% 22.71% 23.35% 24.28% 22.92% 25.20% 25.59% 27.73% 26.52% 20.85% 27.15%
Long-term debt 87.41 65.05 30.53 37.82 31.92 34.13 37.58 36.87 36.12 35.13 33.88 33.56 33.41 33.30 32.69 32.54 33.46 32.64 32.17 33.93 34.39 39.83 34.63
Other liabilities and deferred credits 8.09 11.14 10.29 11.86 13.48 13.76 13.52 14.91 12.49 13.62 14.16 14.31 17.46 17.25 16.94 17.52 17.55 17.40 17.84 16.65 14.73 16.32 16.15
Noncurrent liabilities 95.50% 76.20% 40.82% 49.68% 45.40% 47.89% 51.10% 51.78% 48.61% 48.75% 48.04% 47.87% 50.87% 50.55% 49.63% 50.06% 51.01% 50.04% 50.02% 50.58% 49.12% 56.15% 50.78%
Total liabilities 117.54% 104.04% 97.36% 87.93% 77.21% 80.31% 78.68% 80.67% 71.62% 73.19% 72.74% 73.92% 73.65% 73.25% 72.98% 74.34% 73.94% 75.24% 75.61% 78.31% 75.63% 77.00% 77.94%
Redeemable noncontrolling interest 0.00 0.00 0.09 0.07 0.10 0.10 0.10 0.11 0.39 0.41 0.44 0.45 0.46 0.67 0.66 0.65 0.50 0.49 0.00 0.00 0.00 0.00 0.00
Common Stock, no par value 0.00 0.00 0.02 0.00 0.10 0.00 0.00 0.00 0.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.20 0.00 0.00 0.00
Retained earnings (accumulated deficit) -15.07 -1.50 5.52 14.24 25.03 20.81 23.82 20.81 26.83 25.63 25.82 24.17 26.64 26.52 26.98 25.37 27.30 25.91 25.28 23.23 24.35 23.24 23.26
Accumulated other comprehensive income (loss) -3.11 -3.25 -3.65 -2.96 -3.15 -1.89 -3.26 -2.28 0.39 0.07 0.31 0.74 -1.51 -1.15 -1.34 -1.46 -2.82 -2.65 -2.41 -2.80 -1.04 -1.24 -2.10
Shareholders’ equity (deficit), YUM! Brands, Inc. -18.17% -4.75% 1.90% 11.28% 21.97% 18.92% 20.55% 18.54% 27.30% 25.70% 26.13% 24.91% 25.13% 25.37% 25.63% 23.90% 24.48% 23.26% 22.93% 20.64% 23.31% 21.99% 21.16%
Noncontrolling interests 0.63 0.71 0.66 0.72 0.72 0.68 0.67 0.68 0.69 0.70 0.69 0.72 0.76 0.71 0.73 1.10 1.08 1.00 1.47 1.05 1.05 1.01 0.90
Total shareholders’ equity (deficit) -17.54% -4.04% 2.55% 12.00% 22.69% 19.59% 21.23% 19.22% 27.98% 26.40% 26.82% 25.64% 25.89% 26.07% 26.36% 25.00% 25.56% 24.27% 24.39% 21.69% 24.37% 23.00% 22.06%
Total liabilities, redeemable noncontrolling interest and shareholders’ equity (deficit) 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2016-09-03), 10-Q (reporting date: 2016-06-11), 10-Q (reporting date: 2016-03-19), 10-K (reporting date: 2015-12-26), 10-Q (reporting date: 2015-09-05), 10-Q (reporting date: 2015-06-13), 10-Q (reporting date: 2015-03-21), 10-K (reporting date: 2014-12-27), 10-Q (reporting date: 2014-09-06), 10-Q (reporting date: 2014-06-14), 10-Q (reporting date: 2014-03-22), 10-K (reporting date: 2013-12-28), 10-Q (reporting date: 2013-09-07), 10-Q (reporting date: 2013-06-15), 10-Q (reporting date: 2013-03-23), 10-K (reporting date: 2012-12-29), 10-Q (reporting date: 2012-09-08), 10-Q (reporting date: 2012-06-16), 10-Q (reporting date: 2012-03-24), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-03), 10-Q (reporting date: 2011-06-11), 10-Q (reporting date: 2011-03-19).

Analysis of the capital structure reveals a transition from a stable financing model to an increasingly leveraged position over the observed period. From 2011 through 2014, total liabilities remained relatively consistent, fluctuating between 71% and 80% of total liabilities, redeemable noncontrolling interest, and shareholders' equity. However, a significant upward trajectory began in late 2015, culminating in total liabilities reaching 117.54% by September 2016, signifying the emergence of a deficit in shareholders' equity.

Debt Obligations and Long-Term Leverage
Long-term debt remained largely stable between 32% and 37% of the total balance sheet for the majority of the period. A dramatic escalation occurred in 2016, where long-term debt surged to 65.05% in June and further increased to 87.41% by September. This indicates a substantial shift toward long-term borrowing to finance corporate activities.
Equity Erosion and Retained Earnings
A progressive decline in shareholders' equity is evident. Total shareholders' equity, which peaked at 27.98% in September 2014, plummeted to -17.54% by September 2016. This erosion is primarily driven by the collapse of retained earnings, which shifted from positive values typically between 23% and 26% in the early years to a deficit of -15.07% by the final quarter. This pattern is characteristic of aggressive capital return strategies, such as share repurchases or dividends, that exceed the company's retained earnings.
Current Liability Volatility
Current liabilities exhibited moderate stability until early 2016. A notable spike occurred in March 2016, where current liabilities reached 56.54%, driven largely by a temporary surge in short-term borrowings to 28.23%. This volatility suggests a period of intense short-term liquidity management before returning to more normalized levels of approximately 22% by September 2016.
Other Liability Trends
Other liabilities and deferred credits showed a steady downward trend, declining from a peak of 17.84% in March 2012 to 8.09% in September 2016. This gradual reduction suggests a decrease in the relative weight of non-debt noncurrent obligations within the total capital structure.

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